In the business world, relationships between and among different commercial entities, firms and institutions can be varied and complex. Many business entities form partnerships and alliances to achieve their business objectives and to enhance the value of their enterprises.
In certain situations, a first business entity may choose to refer its clients to one or more other business entities, because the client may need services that the first entity cannot effectively perform or provide. For example, a financial entity such as a credit union working primarily within the small business sector may be limited in the range of banking services it can provide to its customers. Thus, to maximize the opportunities available to satisfy the client's needs, the referring entity may refer the client to a partner entity that can provide specialized services that meet a particular client need. In effect, through such a referral relationship, the referring entity can outsource certain client needs to the partner entity while still preserving its primary business relationship with the client.
In many situations, the referring business entity may be offered a financial incentive or other reward for promoting and referring the services of the partner entity. However, the origination and ultimate success or failure of such referrals by business entities can be burdensome to track and monitor. Systems and processes are needed that are sufficiently efficient and effective at receiving, storing, tracking, and reporting referral data arising from varied and complex referral arrangements. Methods or devices with sufficient real-time capabilities are needed for tracking referrals, for responding in a timely manner to customers and referral partners, and with the capability to track financials. Furthermore, referral mechanisms and tools are needed that are available and accessible in the business world to promote creation of relationships with larger financial and commercial institutions that can offer services to comparatively smaller market segments such as the small business sector.
In general, more effective and efficient systems and processes are needed for processing referral data in various business relationships.